Trump loses $700 million during presidency

Donald Trump’s net worth dropped around $700 million (€586 million) during his presidency, according to the Bloomberg Billionaires Index. 

The prominent property magnate (and 45^th President of the USA) has seen the revenue and value of his office buildings, branded hotels and resorts decline sharply in the wake of COVID.

His fleet of planes and golf courses have also seen drops in their value, contributing to the fall in his net worth to $2.3 billion (€1.92 billion).

Aside from the problems to his business posed by COVID, Mr Trump has seen his reputation and personal brand roiled during his presidency.

After the January Capitol Hill riots, the Professional Golfers’ Association (PGA) of America terminated an agreement to host its 2022 championship at one of his golf courses, saying it would hurt the group’s brand.

Additionally, after the riot, Deutsche Bank, which had been one of the only banks willing to lend to Mr Trump, said it would not do business with him again.

Adding to his financial problems, criminal investigations into the former president continue. In February, the US Supreme Court ordered Mr Trump to hand over his tax returns to prosecutors in New York. 

Prosecutors aim to ascertain whether Mr Trump fraudulently misrepresented the value of his assets to gain favourable loan terms and tax benefits. 

Some spectators have suggested that Mr Trump artificially inflated the value of some of his property in order to secure bank loans, then deflating it in order to receive favourable tax conditions. As part of the investigation, subpoenas have been issued to third parties, including a New York tax agency.

Compiling the data, Bloomberg estimates a 26 per cent drop in the value of Mr Trump’s main commercial property holdings.